HM Treasury and the FCA have launched a joint consultation exploring what can be done to improve customers’ access to financial advice. The consultation, which is part of the wider Financial Advice Market Review launched earlier this year, aims to consider some of the main issues which customers currently face such as the increasing complexity of financial products (and how they are described to the consumer) and the increasing number of products available on the market. The consultation acknowledges that individuals are facing increasingly complex choices and need the right help to make financial decisions. In this context, the consultation focuses on the following questions:
- What kind of financial advice do consumers want?
- Are there gaps between the financial advice that consumers want, and the financial advice that they can access and afford?
- How can these gaps be closed?
- What role could technology, such as “robo-advice”, play in improving access to financial advice?
The consultation will be open until 22 December, and a final report will be published ahead of the 2016 Budget.